Realty firm Akruti Developers is wooing home-buyers to invest in its serviced studio-apartments project by offering a rent guarantee scheme to potential buyers. The proposed project — Afallon — will come up in the Whitefield technology hub, in close proximity to the International Tech Park, said Akruti Developers managing director Nikhil Jadhav.
With apartments priced under Rs 30 lakh, Bangalore-based Akruti says the project is targeted at young professionals who would benefit from investing in an asset and earn a regular income from it.
“The studio apartments, ranging from about 700-800 square feet are priced between Rs 22-30 lakh and will be fully-furnished. We think it can be turned into a source of parallel income when the owner rents-it-out to guests on a regular basis. Over the years, the owner also benefits from the appreciation of the property’s value,” Mr Jadhav said. Housekeeping and maintenance will be outsourced to a professional firm.
Owners who sign a rental agreement with the developer will be paid a fixed rent for three years. These owners will not be charged a maintenance fee. But those who wish to fix their rent and look for tenants themselves will have to pay a monthly maintenance fee. “Rental guarantee schemes are extremely popular abroad and developers continue to add new incentives to attract buyers, especially since sales have slumped,” Mr Jadhav said.
Afallon comprises 120 studio apartments and are being sold by invitation only. The project will include facilities like a business centre, car hire, daily housekeeping, gym, cook-on-request and a doctor on call. Akruti plans to sell only sixty units and retain the rest.
“This will help generate investor confidence; that we are committed to creating a quality product,” Mr Jadhav said. Construction will commence in February and the apartments will be ready for handover in two years. The company has eight completed projects in Bangalore and two in Goa.
